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Question 1 of 10
1. Question
A seller has $5,000 in closing costs, a $93,000 loan amount, and pays a 7 percent commission on a $125,000 purchase. What are his net sales revenues?
Correct
$5,000 + $93,000 = $98,000 total dollar expenses of closing. Convert 7% to a decimal and multiply; $125,000 × .07 = $8,750 commission. $125,000 − $98,000 − $8,750 = $18,250 net proceeds to seller. 206,500 × (7.34 ÷ 1,000) = $1,515.71 principal and interest; ($3,000 + $600) ÷ 12 = $300 taxes and insurance; $1,515.71 + $300 = $1,815.71 PITI.
Incorrect
$5,000 + $93,000 = $98,000 total dollar expenses of closing. Convert 7% to a decimal and multiply; $125,000 × .07 = $8,750 commission. $125,000 − $98,000 − $8,750 = $18,250 net proceeds to seller. 206,500 × (7.34 ÷ 1,000) = $1,515.71 principal and interest; ($3,000 + $600) ÷ 12 = $300 taxes and insurance; $1,515.71 + $300 = $1,815.71 PITI.
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Question 2 of 10
2. Question
The Equal Credit Opportunity Act (ECOA) states that the lender would not have to make an offer a loan to a?
Correct
ECOA forbids lenders from preventing age-based loans.
Incorrect
ECOA forbids lenders from preventing age-based loans.
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Question 3 of 10
3. Question
Taxes on the property are $3,726.50 per year. Taxes were paid for the first half of 2003. If the property closes on January 16, 2004, which would be the following reflected on the closing statement?
Correct
184 days in the second half of 2002 plus 16 days in January 2003 = 200 days. $3,726.50 divided by 365 multiplied by 200 = $2,041.92 credit to buyer and debit to seller.
Incorrect
184 days in the second half of 2002 plus 16 days in January 2003 = 200 days. $3,726.50 divided by 365 multiplied by 200 = $2,041.92 credit to buyer and debit to seller.
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Question 4 of 10
4. Question
As per the Federal Fair Housing Laws, all of these practices are prohibited except for?
I. All of the practices are prohibited except on blockbusting.
II. All of the practices are prohibited except on steering.
III. All of the practices are prohibited except on redlining.
IV. All of the practices are prohibited except on appraisingCorrect
Appraising property is not an actual crime as long as you do not discriminate under Fair Housing Law.
Incorrect
Appraising property is not an actual crime as long as you do not discriminate under Fair Housing Law.
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Question 5 of 10
5. Question
With an amortized loan, what would be the situation every month?
Correct
As the loan is paid down, the rate of interest due each month is reduced and more is accessible to be paid to the principal.
Incorrect
As the loan is paid down, the rate of interest due each month is reduced and more is accessible to be paid to the principal.
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Question 6 of 10
6. Question
The aim of the RESPA is to?
Correct
RESPA needs the lenders to inform sellers and buyers of settlement costs prior to settlement.
Incorrect
RESPA needs the lenders to inform sellers and buyers of settlement costs prior to settlement.
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Question 7 of 10
7. Question
Nell Woodhouse is trying to buy a certain condo located in Florida. With a view to paying for the unit, chairs, all electronics, she needs to get a?
Correct
A mortgage that covers both real and personal property is called package mortgage.
Incorrect
A mortgage that covers both real and personal property is called package mortgage.
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Question 8 of 10
8. Question
Legally, the property manager may attract prospective tenants to the house by doing so except which one of the following?
Correct
It is unethical to pay referral fees to someone other than the principal broker.
Incorrect
It is unethical to pay referral fees to someone other than the principal broker.
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Question 9 of 10
9. Question
The right of the lender to call the loan in case of default and to put the secured property up for sale is based on what?
Correct
The acceleration clause of mortgage documents allows the lender to proclaim the entire debt promptly due and payable in the event of default.
Incorrect
The acceleration clause of mortgage documents allows the lender to proclaim the entire debt promptly due and payable in the event of default.
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Question 10 of 10
10. Question
In order to determine the property worth over $1,000,000 for a federally related purchase, the person carrying out the appraisal must be required to?
Correct
Under FIRREA, the appraisers must be accredited by the State in order to carry out the assessment. As part of a federal transaction If the valuation of the land crosses $1,000,000.
Incorrect
Under FIRREA, the appraisers must be accredited by the State in order to carry out the assessment. As part of a federal transaction If the valuation of the land crosses $1,000,000.